Federal Debt Hits $19,400,000,000,000

Justin Holcomb
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Posted: Jul 22, 2016 1:26 PM
Federal Debt Hits $19,400,000,000,000

The federal debt hits its biggest amount yet this week.  As of Tuesday, the number amassed to over $19,400,000,000,000, according to data released from the U.S. Treasury.  

But how could this happen if Congress passed the  “Bipartisan Budget Act,” which was to suspend the legal debt limit until March 15, 2017?  According to one report, when the bill was passed on November 2, 2015, the federal debt stood at $18,152,981,685,747.52.  But since then, the federal debt has increased by $1,249,380,205,181.94.

Well, check the fine print.  Title IX of the Bipartisan Budget Act, “Temporary Extension of Public Debt Limit,” says that "the limit is increased to accommodate obligations issued during the suspension period.”

Paul Ryan and congressional leadership tell the American people how good of a job they are doing maintaining control over an outrageous debt problem, but then they "accommodate obligations" and the process continues on without change.